Search form

Search form

U.S. companies for heavy machinery, mining and metal processing, which thrived when China was growing rapidly, are laying off workers because of China's economic slowdown. China is the world's third-biggest customer of U.S. goods, after Canada and Mexico.

Related Summaries

Losses booked on the sale of its U.S. annuities business gave Sun Life Financial, Canada's third-biggest life insurance company, a net loss in the third quarter. The company's operating profit for the period exceeded analysts' forecasts.

Residential foreclosures declined 23% last month compared with April 2012, according to RealtyTrac. One in 905 housing units received a foreclosure notice, the smallest proportion since February 2007, the company says.

Economic activity is accelerating in every region of the U.S. and in every sector of the economy except housing, the Federal Reserve said in its anecdotal Beige Book report. The central bank said retail sales, manufacturing and the services sector are doing especially well.

Bank of Beijing -- China's largest city bank by assets -- plans to launch a fund-management venture with Bank of Nova Scotia -- Canada's third-biggest lender by assets -- and an unnamed third party. The venture will be in Beijing, with a registered capital of $44 million. "The Bank of Beijing is seeking to expand its business nationwide and plans to improve its banking-service network in three years," Chairman Yan Zhubing said.